Question 22.
Pass Journal entry for sale of goods by Rahul, Delhi to Anish, Delhi for ₹ 10,000 less 10% Trade Discount and 2% Cash Discount. Assume payment is received at the time of sale. CGST and SGST is levied @ 6% each.
Answers
Answer:
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The journal entry for the following is shown below:
Explanation:
The journal entry for the following is as follows:
Cash/ Bank A/c....................................Dr Rs 9,878
Discount Allowed A/c.........................Dr Rs 202
To Sales A/c........................................Cr Rs 9,000
To output CGST A/c..........................Cr Rs540
To output SGST A/c............................Cr Rs 540
Being sales made less 10% trade discount and 2% discount allowed, payable Output CSGT And SGST @ 6% each
Working Note:
Trade discount = $10,000 × 10%
= $9,000
Output CGST = $9,000 × 6%
= $540
Output SGST = $9,000 × 6%
= $540
Total amount received = $9,000 + $540 + $540
= $10,080
Discount allowed = $10,080 × 2%
= $201.6 or $202
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